A used truck has previously been owned and is being resold to a new customer. They are used for several purposes, including transporting products and supplies, hauling cargo, doing construction work, and towing trailers.
Sizing and Forecast
The used truck market size has grown strongly in recent years. It will grow from $45.39 billion in 2023 to $48.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to economic conditions, fleet renewal cycles, construction and infrastructure development, global trade expansion, environmental regulations.
The used truck market size is expected to see strong growth in the next few years. It will grow to $62.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to e-commerce growth, adoption of electric trucks, fleet optimization, increased outsourcing of logistics, resilience amid economic uncertainty. Major trends in the forecast period include digitalization of sales platforms, technology advancement, telematics integration, predictive maintenance solutions, focus on sustainability.
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Segmentation & Regional Insights
The used truck market covered in this report is segmented –
1) By Type: Light-Duty Truck, Medium-Duty Truck, Heavy-Duty Truck
2) By Fuel Type: Gasoline, Electric, Diesel
3) By Sales Channel: Franchised Dealer, Independent Dealer, Peer-To-Peer
4) By End-Use: Construction, Oil And Gas, Mining, Other End-Users
Asia-Pacific was the largest region in the used truck market in 2023. The regions covered in the used truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the construction industry is expected to propel the growth of the used truck market going forward. The construction industry is the industrial segment of production and commerce concerned with constructing, repairing, renovating, and maintaining infrastructures. Used trucks are used for transporting several construction materials on construction sites. For instance, in June 2021, according to the NZ Tauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7% in March 2021. Further, in 2021, residential activities rose 4.3% compared to 2020. Additionally, according to the US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2%. Therefore, the rise in the construction sector drives the used truck market.
Key Industry Players
Major companies operating in the used truck market report are Mercedes Benz AG, Daimler Truck AG, Charter Trucks Co, Renault SA, AB Volvo, PACCAR Inc., Penske Automotive Group, MAN SE, Ryder System Inc.,Scania AB, Navistar International Corporation, Hertz Car Sales, Schneider National Inc.,Ruan Transportation Management Systems Inc., Murphy-Hoffman Co, Premier Truck Group, Freightliner Trucks, Kenworth Truck Company, Ritchie Bros, The Larson Group, TruckPaper.com, Del-Val International Trucks Inc., Arrow Truck Sales Inc., Fyda Freightliner Inc., Peterbilt Motors Company, Vander Haag’s Inc., Mascus International Holding Co, Hammer Trucks Sales LLC.
The used truck market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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